Britain will prosper with a 'hard but smart' Brexit say top German economists

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The EU has exploited Britain's fear of a 'no deal' Brexit which would land the UK with WTO tariffs on imports - but the threat could be neutralised if the Government embraced free trade and pledged to scrap taxes and border checksCredit:
Thierry Monasse/Getty

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Embracing free trade would limit the damage caused by a "no deal" Brexit, give a bounty of cheaper imports to consumers and strengthen Britain’s hand in EU negotiations, according to top German economists.

Slashing all import tariffs after Brexit would cut costs for households and businesses, giving the economy a boost, the Ifo Institute said in a new report, calling this model a “hard but smart” Brexit.

At the same time it would rebalance the power around the negotiating table, which is currently based on a "no deal" Brexit harming the UK because it would involve Britain imposing WTO taxes on its own consumers.

The EU has used this imbalance to its advantage. However, Britain is free to scrap...